Growth expectations have been scaled back in most other states, according to NAB Group Chief Economist Alan Oster.
The NAB report showed market sentiment improved notably in Queensland and was less negative in South Australia and Northern Territory. It softened in Victoria and New South Wales (although they are still the strongest states) and slipped to a new low in Western Australia.
When it comes to hard numbers, Queensland is now predicted to be the leading Australian state for capital growth, with NAB forecasting 2.6% growth in the next year and 3.4% over two years.
While these figures may not be reaching the lofty heights Sydney and Melbourne have seen in recent years, it’s fair to say slow and steady growth is better than none at all – and far better than the decline tipped for some states.